FTX Announces Launch of a Solana NFT Marketplace

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This week Monday, FTX.US, a subsidiary of Crypto exchange FTX, gave a statement on introducing their NFT market (FTX NFTs). This marketplace, FTX NFTs, will enable users to mint, hold & exchange their authentic tokens on the Solana network.

Sam Bankman-Fried, 29, the CEO of FTX, has been vocal about his support for Solana for a while now.

The company says their futuristic plan is that it will also incorporate NFTs housed on Ethereum. In addition, the team revealed that the project called FTX NFTs would have low transaction fees compared to other marketplaces connected to the NFT space.

Significantly, unlike the most extensive marketplace (Opensea), holders must go through verification; hence anonymity is discouraged.

This NFTs marketplace would also aid NFTs’ auctioning through a bid process. FTX and Solana have joined forces to see that verifications are authentic & that there is also a smooth transfer from the network to the FTX NFTs.

According to FTX president Sam Bankman-Fried, 29, the team decided to work on this project after diving deep into the NFTs’ Ecosystem.

In addition, the team’s knowledge of many NFT projects gives them a better understanding of creators’ &  collectors’ needs. The team behind FTX NFTs aims to provide a regulated responsive marketplace to users in the United States & even to the rest of the globe.

Finally, FTX.US that investors could fund their bid & buy accounts with Cryptocurrency, credit cards, cashless transfers, and Automated Clearing House bank transfers. Additionally, listing would get done using either ETHER, SOL, and US Dollars.

What is FTX?

FTX.US, a global Crypto Exchange regulated by the United States, started from the ground up. The exchange aims to grow the Crypto ecosystem and, in turn, give traders a platform to which they can be loyal. The exchange platform also aims to donate to charity and, as a result, save lives.

Additionally, they aim to improve their volume trade so that they can lead in the Crypto market.

Physics graduate and billionaire Sam Bankman-Fried founded FTX, but he previously traded on Jane Street capital’s Int. ETF desk.

What is an NFT?

The Non-Fungible tokens (a.k.a NFTs) craze has taken over the digital market.

Unlike a Fungible token such as fiat currency that users can interchange freely, the Non-Fungible tokens are not interchangeable. The reason is that these tokens are unique, one-of-a-kind pieces of digital art.

NBA Top Shots, Cryptokitties, Bored Ape Yacht Club, Canine cartel, a unique video or audio, basically any form of digital art could qualify as an NFT.

Other use cases & apps for these Tokens are still in the works, with millions of daily transactions.

This year, the NFTs’ market capitalization has grown by more than 1500 percent.

Summary

To summarise, the NFT market is snowballing, and it is not shocking to see International & other platforms launching NFT-related projects. Other than low transaction fees, the global exchange also says its project will incorporate Ethereum based NFTs in the future, among other features.
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